Real Estate Market Showing Signs Of New Life
The Coastal Association of Realtors released its first quarter market report and the gist is sales are picking up throughout the county.
Here's a look at some of its findings:
-- In all of Worcester County, single-family inventory was reported to have increased 23 percent over the past year. The sales picture has improved overall and is reportedly 14 percent down from last March's sales volume, with an increased absorption rate of 8 percent. In what is one of the more telling statistics, homes are staying on the market about 100 days on average and selling at 94 percent of list price.
-- As far as condos go in Worcester County, sales in March were up over March 2006's rate by 2 percent. Condos were reportedly selling at 90 percent of their listing price and on average taking about nine months to sell.
-- In Ocean City alone, there are 1,709 units on the market in Ocean City, representing an 18-percent increase comparing year-to-date 2006 to 2007. Sales are up 2 percent over last March. It's taking about five months on average to sell an Ocean City condo, and the final settlement price average is 96 percent of listing price at $393,983.
-- There's more good news on the single-family home front in Ocean City. The glut of inventory has dropped to only 7 percent above where it was last March. That inventory figure had reached over 50 percent in recent quarters. As far as sales go, they are up 20 percent year-to-date and 40 percent in March compared to March 2006. The average sales price of a single-family home in Ocean City is $310,000, which represents about 91 percent of its listing price.
Statistics can be manipulated a number of different ways, but this report in its entirety comes as good news. The main conclusion we come to with this report is properties are being priced better than before, confirming what some veteran realtors have said all along.The market is still sound, but it's just not what it was one year ago when many properties were flying off the market. Most in the industry knew that sizzling market was not going to stay around forever, but it's welcome news to see the market is beginning to rebound as spring begins in earnest for the Ocean City area market.